KATHMANDU, Nov 29: Gold became cheaper by Rs 600 per ten grams
[Rs 700 per tola] in the domestic market on Thursday as its price plummeted in the international market amid concerns over deal to cut Greece´s debt.
The drop brought gold price down at Rs 60,799 per tola Thursday, bringing some respite to the customers who have been buying gold to fulfill social obligation in the wedding season that started about two weeks ago.
Gold had hit new high of Rs 61,850 per tola on Sunday and remained firm at the peak for three days before it dropped to Rs 61,500 per tola on Wednesday with a decrease of Rs 350, according to Nepal Gold and Silver Dealers Association.
Silver also recorded an overnight drop of Rs 10 per tola on Thursday. On Thursday, silver was traded at Rs 1,210 per tola in the local market.
Despite price upheavals, dealers said the demand for gold has jumped to 40 kg a day in the market since the onset of the wedding season. However, they have been failing to make the supply as the central bank has capped the commercial banks to sell 15 kg of gold in a day to the dealers.